General counsels face pressure to reduce costs. Law firms must offer better value. The “new normal” requires taking five actions:.
1. Do Less : Do only the amount of legal work commensurate with the legal risk. Lawyers likely spend too much time looking for little stones when seeing boulders suffices.
2. Improve Efficiency: For work that really needs doing, re-engineer the process, automate where possible, and project manage what’s left.
3. Delegate to the Lowest Cost Competent Resource: Delegate down and select the lowest cost resource at each level. Choices include staff attorneys, paralegals, contract lawyers, LPO providers, and timekepers in firm-owned, low-cost onshore or offshore locations.
4. Build Factories: Build factories for high volume work: low cost location, minimal overhead, automated, and right-staffed.
5. Reduce Overhead: With overhead in many US law firms over $200,000 per lawyer, firms still have opportunities to reduce overhead cost. Rationalize support and admin processes and centralize staff in a low cost location.
- Alternative Legal Provider (36)
- Artificial Intelligence (AI) (52)
- Bar Regulation (13)
- Best Practices (39)
- Big Data and Data Science (11)
- Blockchain (10)
- Bloomberg Biz of Law Summit – Live (6)
- Business Intelligence (21)
- Contract Management (19)
- Cool Legal Conferences (10)
- Do Less Law (38)
- eDiscovery and Litigation Support (165)
- Experience Management (8)
- Extranets (11)
- General (191)
- Innovation and Change Management (162)
- Interesting Technology (97)
- Knowledge Management (221)
- Law Department Management (14)
- Law Departments / Client Service (113)
- Law Factory v. Bet the Farm (28)
- Law Firm Service Delivery (112)
- Law Firm Staffing (25)
- Law Libraries (5)
- Legal market survey featured (5)
- Legal Process Improvement (24)
- Legal Project Management (26)
- Legal Secretaries – Their Future (17)
- Legal Tech Start-Ups (3)
- Litigation Finance (5)
- Low Cost Law Firm Centers (20)
- Management and Technology (179)
- Notices re this Blog (10)
- Online Legal Services (63)
- Outsourcing (135)
- Personal Productivity (39)
- Roundup (58)
- Structure of Legal Business (1)
- Supplier News (13)